债市日报：5月12日

Market Overview - The bond market continued to show weakness, with long-term bonds experiencing larger adjustments, leading to a decline in government bond futures across the board [1][2] - The interbank bond yield rose by approximately 2 basis points, indicating a general upward trend in yields [1][2] Monetary Policy - The central bank conducted a net injection of 43 billion yuan in the open market, with a focus on maintaining liquidity and flexibility in monetary policy [1][5] - The monetary policy report emphasized the need for a moderately loose monetary policy to stimulate consumption and support economic growth [5][6] Yield Movements - The yields on various government bonds increased, with the 10-year government bond yield rising by 2 basis points to 1.7175% and the 30-year government bond yield increasing by 2.6 basis points to 1.902% [2] - In the North American market, U.S. Treasury yields showed mixed results, with the 2-year yield rising by 0.87 basis points to 3.889% while the 10-year yield fell by 0.98 basis points to 4.382% [3] Economic Indicators - The Consumer Price Index (CPI) in China showed a slight increase of 0.1% month-on-month, while the Producer Price Index (PPI) decreased by 0.4% month-on-month, indicating ongoing deflationary pressures [7] - The core CPI remained stable, with a year-on-year increase of 0.5%, suggesting limited inflationary pressures in the economy [7] Institutional Insights - Institutions like Huatai and Zhongjin expressed cautious views on the global economy, highlighting risks from tariffs and market volatility, while maintaining a neutral outlook on the domestic economy [8] - The expectation of further monetary easing is prevalent, with potential for a new round of interest rate cuts to support economic growth [8]